The judges looked closely at this category to pick out those businesses that had used reward, recognition and benefits in a strategic way, aligning each element to their organisational objectives to attract and retain staff. Each company shows how its benefits offering relates to specific market and competitive pressures in a very hotly contested field.
Aldermore Group
Banking and financial services business Aldermore introduced its employee value proposition The Deal in late 2022, aiming to create a workplace that feels like a community and ensures employees feel supported. By 2024, this approach had been refined with a focus on enhancing employee benefits, fostering career growth, and improving work performance. One significant milestone was the introduction of the MyDeal platform, where employees can customise their benefits, choosing options like life assurance and dental care. This has resulted in 82% of employees opting into the platform. Additionally, private medical insurance coverage was expanded, and over 2,000 colleagues signed up for the enhanced pension scheme.
Aldermore has also introduced financial support programmes, offering more than £1.5 million in cost-of-living assistance and financial coaching for lower-paid employees. The company’s reward-based performance structure allows employees to set and achieve goals through regular performance reviews. Bonuses were distributed to 89% of the workforce in the past year, and 124 employees were promoted. Employee recognition programmes such as #BackingYou encourage peer-to-peer appreciation, further enhancing workplace morale.
The results have been impressive. Employee engagement has surged from 45% to 77%, voluntary attrition has dropped to 11%, and Aldermore was recognised in the Sunday Times Top 10 Best Places to Work 2024. These achievements reflect the company’s commitment to a supportive and rewarding work environment.
Bank of Ireland
After years of restrictions on reward packages in the Irish banking sector following the global financial collapse, Bank of Ireland (BOI) took steps to update its outdated offerings in 2022. The Irish government approved changes, allowing BOI to enhance its benefits package, aiming to improve employee engagement and competitiveness. The bank introduced My Reward, a user-friendly platform providing colleagues with greater flexibility and personalised benefits.
Through a significant investment in healthcare allowances and a personal benefit pot, employees can now tailor their benefits to suit their individual needs. The platform also offers flexibility in annual leave and pension options, making it easier for employees to manage their work-life balance. Importantly, the new system centralises all information, allowing easy access to benefits and wider bank offerings, with 24/7 availability.
The results have been positive, with over 70,000 logins since launch and a 22% increase in engagement with BOI’s banking products. Employee engagement has increased by 5%, with more colleagues recommending BOI as a place to work. The platform has also seen 97% of colleagues using it, while the new benefits, such as annual leave flexibility, have helped improve financial wellbeing. These efforts are supporting BOI’s goal to create a rewarding and engaging workplace, with clear progress towards this aim seen across employee feedback.
Betfred
Betfred, like other retail employers, has worked hard to improve its employee value proposition to enhance colleague retention. It recognised that its rewards and benefits lagged behind competitors, especially as the rising cost of living posed a challenge. Colleague feedback highlighted the need to focus on areas such as reward, communication, and recognition. To address these, Betfred introduced several measures aimed at reducing turnover and improving employee engagement.
In January 2023, Betfred implemented an early pay increase, aligning with the real living wage. This action, followed by another increase in April 2024, led to significant pay improvements, with a 32% rise in hourly rates for lower-paid staff since January 2022. The launch of Betfred’s new reward platform, B-Hive, in October 2023 marked a major milestone. The platform offers a comprehensive range of benefits and recognitions, accessible via desktop or mobile. It includes features like peer recognition, long service awards, flexible pay options, and financial wellbeing support. The introduction of B-Hive has resulted in high engagement, with over 5,500 registered users and thousands of interactions and recognitions.
These efforts have contributed to a notable reduction in staff turnover, with a 12 percentage point decrease over 16 months. Recognition through B-Hive has also significantly improved retention, with recognised employees 50% less likely to leave the organisation.
Deloitte UK
Deloitte UK faced challenges with its employee benefits after they received a low average score of 2.35/5. This issue contributed to a high employee attrition rate of 10.19%, with over half of departing staff citing compensation and benefits as reasons for leaving. To address this, Deloitte’s HR team overhauled its benefits strategy, working with Aon to unify benefits under a new platform, My Benefits, which simplified the user experience and introduced a Total Reward Statement to give employees a clear view of their overall remuneration.
The transformation resulted in significant improvements. Employee engagement with benefits increased, with 88% accessing the platform and 76% making benefit selections. The platform’s rating rose from 2.35 to 4.03, and help-desk queries dropped by 63%, indicating better user understanding. The introduction of the Total Reward Statement also enhanced employees’ perception of their pay and benefits.
The overhaul contributed to reducing the proportion of employees leaving because of pay from more than 50% to under 30%, helping to lower overall attrition. Charitable payroll giving also increased by 85%, demonstrating the strategy’s positive social impact. HR’s role was crucial in aligning the benefits overhaul with the wider business strategy, leading to improved retention and engagement.
London Gatwick in partnership with Benefex
Gatwick Airport, employing 2,500 people, faced significant challenges due to the pandemic, with 80% of its staff furloughed. In 2022, the airport needed a new reward strategy to attract and retain top talent as it aimed to grow, increasing its workforce by 360 in the past year. Gatwick partnered with Benefex to implement OneHub, a digital platform integrating flexible benefits, pay grading, and recognition, allowing employees easy access to their total reward package.
Gatwick introduced new benefits tailored to its diverse workforce, aged 16 to 73, and aligned its reward strategy with business goals. The flexible benefits scheme, which includes options like electric vehicles and menopause support, focuses on employee wellbeing and sustainability, helping meet the airport’s ESG and DEI objectives. The High Five recognition platform, linked to corporate values, has fostered a strong culture of recognition with 98% employee engagement.
The results have been impressive. Employee satisfaction with pay increased by 19%, company engagement rose by 12%, and attrition fell by 4%, from 10.6% to 6.9%. Over 84% of employees accessed the benefits platform, and the recognition tool strengthened collaboration across the business. The strategy, which significantly improved employee engagement and retention.
National Highways
National Highways, responsible for maintaining England’s motorways and major roads, aimed to improve employee engagement, recognition, and retention with the launch of the “High5” online recognition platform in 2017. The platform allowed peer-to-peer recognition aligned with the company’s values of safety, teamwork, ownership, passion, and integrity. This helped embed these values and foster a culture of recognition, especially important for a company that could not always offer competitive salaries compared to the private sector.
The new platform saw high engagement, with 93% of the workforce registered, the highest ever, and a 14% increase in overall recognitions. The company also saw significant benefits, including a 5% increase in overall business engagement and a 6% rise in collaborative working. Notably, 10% of employees said they stayed with National Highways because they felt recognised. Additionally, financial High5 awards saw sustained high levels, with 28% of recognition upgraded to financial rewards.
The High5 platform has also supported strategic priorities like Net Zero and diversity through targeted recognition campaigns. Employee feedback has been overwhelmingly positive, with 95% understanding the company’s values and 73% of employees feeling recognised. High5 has become a core part of National Highways’ reward strategy, crucial for attracting and retaining talent across diverse teams, including those working remotely or on hybrid schedules.
South Western Railway
SWR believes its people are central to its success and aims to inspire staff by recognising and rewarding their efforts. Given the uncertainty in the rail industry and ongoing industrial disputes, employee engagement has been affected. To counter this, SWR has invested significantly in its reward and recognition package, aligning it with its three-year strategic plan to ensure employees feel valued and supported.
The existing benefits were well-regarded, with positive feedback in the 2022 IIP assessment, but SWR introduced new initiatives such as a social activity fund, free leisure parking, and improved reward vouchers. These changes aim to promote social wellbeing and encourage face-to-face interactions, addressing both social isolation and financial pressures. Other benefits include a strong pension scheme, healthcare support, and a sharesave scheme.
In recognition, SWR’s approach combines peer-to-peer nominations through thank you cards, monthly awards, and the annual Excellence Awards gala, with line managers empowered to give local recognition. These initiatives have increased engagement, with a 25% rise in the number of thank you cards sent, and 83% of employees stating they value the benefits.
SWR’s renewed focus on reward and recognition has fostered a positive workplace culture, with employees expressing pride in their work and appreciation for the recognition they receive.
Teleperformance UK & Ireland
Teleperformance UK faced the challenge of ensuring its reward, recognition, and benefits programme was suitable for a hybrid work environment. Key goals included improving staff appreciation, demonstrating agility in market responses, and evaluating the impact of these initiatives on talent retention and attraction. To address these challenges, Teleperformance expanded its benefits package under its “more than just a paycheck” motto, offering a wide range of wellbeing support such as an electric vehicle scheme, discounts through Perks at Work, a cycle to work scheme, and a comprehensive employee assistance programme.
The revamped recognition programme introduced the Inspire Awards, celebrating staff across all departments, and enhanced communication via Microsoft Teams to encourage praise and recognition. The Moments that Matter initiative provided e-cards for colleagues to acknowledge one another, promoting a culture of appreciation.
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This approach resulted in significant benefits for both employees and the company. Critical illness cover helped employees during challenging times, while the mental health support programme had high engagement and satisfaction. Employee engagement and retention improved, with a 39% decrease in absence and a 28% reduction in attrition. Teleperformance was also recognised as a Great Place to Work for the third year running, with improvements in employee satisfaction and external rankings, including being named #30 on the UK’s Best Workplaces list for 2024.